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1. Company Snapshot

1.a. Company Description

Quipt Home Medical Corp.provides in-home medical equipment and supplies, and respiratory and durable medical equipment in the United States.The company also offers management of various chronic disease states focusing on patients with heart and pulmonary disease, sleep disorders, reduced mobility, and other chronic health conditions.


In addition, it provides nebulizers, oxygen concentrators, CPAP and BiPAP units, ventilator equipment and aids, daily and ambulatory aides, equipment solutions, power wheelchairs, oxygen therapy, bariatric equipment, bathroom safety products, bilevel positive airway pressure, canes/crutches, continuous positive airway pressure, CPAP masks and accessories, hospital beds, humidifiers, compressors, patient lifts, walkers, products for wound care, and medical equipment for home-based sleep apnea and chronic obstructive pulmonary disease treatments, as well as rents respiratory equipment.The company was formerly known as Protech Home Medical Corp.and changed its name to Quipt Home Medical Corp.


in May 2021.Quipt Home Medical Corp.was incorporated in 1993 and is headquartered in Wilder, Kentucky.

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1.b. Last Insights on QIPT

Quipt Home Medical Corp.'s recent performance was negatively impacted by Lakeview Opportunity Fund's public urging of the company's board to review strategic options, including a sale, following a $3.10 all-cash offer from a credible bidder. This development may have created uncertainty and raised concerns about the company's future direction. Additionally, the company faced headwinds such as its Humana MA capitated contract and disposable supply contract non-renewal. Despite a Q3 2025 earnings beat, with positive organic growth and adjusted EBITDA, investors may be cautious about the company's prospects.

1.c. Company Highlights

2. Quipt Home Medical Corp's Strategic Growth and Financial Performance

Quipt Home Medical Corp reported revenue of $58.3 million for Q3 2025, a 4.1% decrease compared to Q3 2024, while adjusted EBITDA margin remained strong at 23.5%, with adjusted EBITDA of $13.7 million. The company's EPS loss per share was $-0.07, slightly wider than the estimated loss of $-0.06855. Despite the revenue decline, the company demonstrated a return to positive organic growth driven by strength in core therapies and consistent activity in the sleep resupply channel.

Publication Date: Aug -23

📋 Highlights
  • Stabilized Revenue Growth:: Revenue stabilized with a 4.1% decrease to $58.3M, but organic growth returned, driven by core therapies and sleep resupply channels.
  • Strong Adjusted EBITDA Margin:: Achieved 23.5% adjusted EBITDA margin ($13.7M), reflecting consistent profitability despite revenue decline.
  • Strategic Joint Ventures:: Formed partnerships with Ballad Health, Henry Ford Health, and others, embedding Quipt into hospital discharge pathways, with a $60M+ revenue JV focused on respiratory and sleep care.
  • Expansion via Hart Acquisition:: Agreed to acquire 60% of Hart Medical for $17–18M, aiming for a $300M annualized revenue run rate and immediate platform scale.
  • Robust M&A Pipeline:: Maintains a strong M&A pipeline, prioritizing disciplined growth, operational integration, and margin improvements from acquired assets.

Operational Highlights and Growth Initiatives

The company is making significant strides in its healthcare system expansion strategy, including a milestone transaction with Ballad Health and a definitive agreement to form a joint venture with Henry Ford Health, McLaren Health, and Blanchard Valley Health. These partnerships will enable Quipt to embed directly into the discharge pathway of a substantial number of hospitals and affiliated care sites, as highlighted by CEO Greg Crawford. Additionally, the company is poised to acquire a 60% ownership interest in Hart Medical Equipment for $17 million to $18 million, which is expected to add immediate scale to its platform and reach an annualized run rate revenue of roughly $300 million.

Valuation and Growth Prospects

With a P/S Ratio of 0.41 and an EV/EBITDA ratio of 3.63, Quipt's valuation appears reasonable. Analysts estimate next year's revenue growth at 27.8%, indicating a positive outlook for the company's future performance. The company's commitment to operational excellence, disciplined growth, and patient-focused care positions it for long-term success. The current P/E Ratio of -9.1 and ROE of -9.78% reflect the company's current loss-making status, but the Net Debt / EBITDA ratio of 1.69 suggests a manageable debt burden.

M&A Pipeline and Strategic Focus

Quipt's M&A pipeline remains strong, with a full pipeline of potential acquisitions and a willingness to evaluate and close deals that create long-term value. CEO Gregory J. Crawford confirmed that the company is open to both partnerships and acquisitions, and is focused on integrating assets and pursuing organic growth initiatives. The company's ability to capture patients at the source of discharge from hospitals through its joint ventures is expected to drive growth and increase respiratory referrals.

3. NewsRoom

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Lakeview Urges Quipt's Board to Initiate a Legitimate Review of All Strategic Options Including a Sale, Inclusive of a Credible Bidder's $3.10 All-Cash Offer

Oct -22

Source: businesswire.com

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All You Need to Know About Quipt Home Medical (QIPT) Rating Upgrade to Buy

Sep -25

Source: zacks.com

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Quipt Home Medical Completes Strategic Acquisition of Hart Medical Adding $60 Million in Revenue

Sep -03

Source: globenewswire.com

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Quipt Home Medical price target raised to $2.30 from $1.70 at Canaccord

Aug -19

Source: https://thefly.com

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Quipt Home Medical Corp. (QIPT) Q3 2025 Earnings Call Transcript

Aug -12

Source: seekingalpha.com

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Quipt Home Medical Partners With Three Major Health Systems to Form Strategic Joint Venture

Aug -12

Source: globenewswire.com

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Quipt Home Medical Reports Improved Fiscal Third Quarter 2025 Results

Aug -11

Source: globenewswire.com

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Quipt Home Medical Corp. to Announce Fiscal Third Quarter 2025 Financial Results on August 11, 2025

Jul -29

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.67%)

6. Segments

Medical Equipment and Supplies

Expected Growth: 8.5%

Quipt Home Medical Corp.'s 8.5% growth in Medical Equipment and Supplies is driven by increasing demand for home healthcare, aging population, and chronic disease prevalence. Additionally, advancements in medical technology, expansion of healthcare access, and cost-effective solutions contribute to the segment's growth.

Rental of Medical Equipment

Expected Growth: 8.9%

Quipt Home Medical Corp.'s 8.9% rental growth is driven by increasing demand for home healthcare, aging population, and cost-effective alternatives to hospital stays. Additionally, advancements in medical technology, expansion of chronic disease management, and growing need for non-invasive ventilation and oxygen therapy also contribute to this growth.

7. Detailed Products

Respiratory Therapy

Quipt Home Medical Corp. offers a range of respiratory therapy products and services, including oxygen therapy, ventilators, and sleep therapy, to help patients with respiratory diseases and disorders breathe easier.

Sleep Therapy

Quipt Home Medical Corp. provides sleep therapy products and services, including continuous positive airway pressure (CPAP) machines, bi-level positive airway pressure (BiPAP) machines, and oxygen therapy, to help patients with sleep disorders such as sleep apnea.

Wound Care

Quipt Home Medical Corp. offers wound care products and services, including negative pressure wound therapy (NPWT) and advanced wound dressings, to help patients with chronic wounds heal faster and more effectively.

Home Medical Equipment

Quipt Home Medical Corp. provides a range of home medical equipment, including hospital beds, wheelchairs, and mobility aids, to help patients with mobility impairments or disabilities live safely and comfortably at home.

Infusion Therapy

Quipt Home Medical Corp. offers infusion therapy products and services, including IV antibiotics, pain management, and nutrition support, to help patients with complex medical conditions receive treatment in the comfort of their own homes.

8. Quipt Home Medical Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Quipt Home Medical Corp. faces moderate threat from substitutes, as patients may opt for alternative healthcare services or products, but the company's specialized offerings and strong brand reputation mitigate this risk.

Bargaining Power Of Customers

Quipt Home Medical Corp.'s customers have limited bargaining power due to the company's strong market position and diversified customer base, reducing the risk of price negotiations or demands for customized products.

Bargaining Power Of Suppliers

Quipt Home Medical Corp. faces moderate bargaining power from suppliers, as the company relies on a few key suppliers for medical equipment and services, but its strong relationships and diversified supply chain mitigate this risk.

Threat Of New Entrants

Quipt Home Medical Corp. faces low threat from new entrants, as the company's established brand, regulatory barriers, and high capital requirements for entry deter new competitors from entering the market.

Intensity Of Rivalry

Quipt Home Medical Corp. operates in a highly competitive market with several established players, leading to intense rivalry and pricing pressure, but the company's strong brand and diversified offerings help it maintain market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.27%
Debt Cost 6.47%
Equity Weight 56.73%
Equity Cost 9.24%
WACC 8.04%
Leverage 76.27%

11. Quality Control: Quipt Home Medical Corp. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 3.8/10

Value: 8.7

Growth: 6.7

Quality: 3.8

Yield: 0.0

Momentum: 2.5

Volatility: 1.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.43$

Current Price

2.43$

Potential

-0.00%

Expected Cash-Flows